Mexico's Bright to install over 8 MW of rooftop PV with IDB Invest loan
Rooftop solar array. Featured Image: Ralf Gosch/Shutterstock.com
June 30 (Renewables Now) - IDB Invest, the private sector arm of the Inter-American Development Bank (IDB) Group, has provided financing to Mexican promoter of distributed solar generation systems to support the roll-out of more than 2,500 residential rooftop arrays totalling over 8 MW.
Funds to the tune of USD 15 million (EUR 13.4m) in Mexican pesos with a 13-year tenor were made available to Bright Mexico Solar Holdings II, a subsidiary of Bright Exchange SAPI de CV (Bright), IDB Invest said.
Bright designs, finances, installs and operates photovoltaic (PV) rooftop systems of under 50 kW, which it leases to residential customers enabling them to save at least 20% on their electricity bills.
IDB Invest provided a loan equivalent to USD 10 million of its own funds and the equivalent of USD 5 million of blended finance mobilised from the Canadian Climate Fund for the Private Sector of the Americas (C2F), it said.
The financing also includes a guarantee and technical assistance from the Clean Technology Fund (CTF) and a subordinated loan from MGM Sustainable Energy LP, a fund of the Japan International Cooperation Agency (JICA).
Additionally, the loan mobilised with the C2F will come with lower interest rates based on the results of Bright’s plan to increase gender equality and participation of women in technical and engineering roles.
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